on an sac trading manager named michael steinberg. he's a close cleefg cohese coll and has already been named an unindicted co-conspirator. if he flips on cohen, i'm told it could be problematic for cohen in the future. >> thinking about the broader context here, kate, i'm wondering about all those mom and pop investors who are often sitting on the sidelines feeling this market is not a level playing field. when you hear about just another insider trading case, i would imagine that it is a real blow to investor confidence for the retail investor. right? >> well, mandy, that's very much the point that federal prosecutors and the s.e.c.'s head of enforcement were trying to make the other day when announcing this case. they talked a lot about the deterrent effect of this case or that they hoped it would have. they say, if you think you can cheat and get away with it, you have another thing coming. hoping your phones aren't tapped is not the solution. there was sort of a salacious chapter to an earlier iteration of this probe in which one